We have received text from S. 2840: Financial Exploitation Prevention Act of 2025. This bill was received on 2025-09-17, and currently has 2 cosponsors.
Here is a short summary of the bill:
This legislation, known as the Financial Exploitation Prevention Act of 2025, aims to amend the Investment Company Act of 1940 to provide additional protections for certain adults, particularly in the context of financial exploitation. Here are the key elements of the bill:
1. Postponement of Redemption
The bill allows registered open-end investment companies and transfer agents acting on their behalf to postpone the payment date for redeemable securities if they suspect that the redemption request comes from a specified adult who may be experiencing financial exploitation. This postponement can last:
- Up to 15 business days initially after the redemption request.
- Possibly extended by an additional 10 business days if further exploitation is suspected.
2. Definition of Specified Adults
“Specified adults” are defined as individuals who are either:
- At least 65 years of age, or
- At least 18 years old and believed to have a mental or physical impairment that makes it difficult for them to protect their interests.
3. Requirements for Companies
To exercise these postponement powers, investment companies and transfer agents must:
- Request and document the contact information of at least one trusted individual designated by the customer.
- Notify this designated individual if there are concerns regarding possible financial exploitation.
- Conduct internal reviews to assess claims of exploitation and document these assessments.
4. Establishing Procedures
Registered investment companies must adopt procedures to:
- Identify and report cases of financial exploitation.
- Decide when to release or reinvest redeemed funds that are in dispute.
- Clearly define who within the company has the authority to make decisions regarding redemption postponements.
5. Record Retention and Reporting
Investment companies are required to retain records of all postponements and decisions made regarding suspected exploitation. These records must be made available to the relevant regulatory authorities upon request.
6. Recommendations to Congress
The bill also mandates that within one year of its enactment, the Securities and Exchange Commission (SEC) must report to Congress with recommendations for further regulatory or legislative actions to enhance protections against the financial exploitation of specified adults.
7. Consultation with Other Agencies
In preparing the report, the SEC must consult with various regulatory bodies, including the Commodity Futures Trading Commission and the Bureau of Consumer Financial Protection, among others.
Relevant Companies
- Vanguard - As a major provider of open-end mutual funds, they would be significantly affected by the operational changes required to comply with the postponement and reporting rules.
- Franklin Templeton - Similarly, their operations in managing investment funds will need adjustments to implement the proposed procedures and protections for specified adults.
Senator Bill Hagerty Bill Proposals
Here are some bills which have recently been proposed by Senator Bill Hagerty:
- S.2840: Financial Exploitation Prevention Act of 2025
- S.2553: Protect Our Communities from DUIs Act
- S.2484: NeighborWorks Accountability Act
- S.2368: Defending American Property Abroad Act of 2025
- S.2205: Equal Representation Act
- S.2060: No Community Development Block Grants for Sanctuary Cities Act
You can track bills proposed by Senator Bill Hagerty on Quiver Quantitative's politician page for Hagerty.
Senator Bill Hagerty Net Worth
Quiver Quantitative estimates that Senator Bill Hagerty is worth $52.8M, as of October 2nd, 2025. This is the 31st highest net worth in Congress, per our live estimates.
Hagerty has approximately $17.2M invested in publicly traded assets which Quiver is able to track live.
You can track Senator Bill Hagerty's net worth on Quiver Quantitative's politician page for Hagerty.
Senator Bill Hagerty Stock Trading
We have data on up to $53.9M of trades from Senator Bill Hagerty, which we parsed from STOCK Act filings. Some of the largest trades include:
- A November 8th, 2021 sale of up to $5M of $DDOG. The stock has fallen 20.2% since then.
- A December 28th, 2021 sale of up to $500K of $RNR. The stock has risen 49.89% since then.
- A December 29th, 2021 sale of up to $250K of $PNFP. The stock has fallen 2.76% since then.
- A December 23rd, 2021 sale of up to $250K of $RHP. The stock has risen 0.26% since then.
- A December 29th, 2021 sale of up to $100K of $CCEP. The stock has risen 60.29% since then.
You can track Senator Bill Hagerty's stock trading on Quiver Quantitative's politician page for Hagerty.
This article is not financial advice. See Quiver Quantitative's disclaimers for more information.
